Tilray (NASDAQ:TLRY) Stock Price Down 3.1% – Here’s Why

Tilray Inc (NASDAQ:TLRY) shares dropped 3.1% during mid-day trading on Wednesday . The stock traded as low as $0.64 and last traded at $0.66. Approximately 12,103,458 shares traded hands during trading, a decline of 61% from the average daily volume of 31,299,955 shares. The stock had previously closed at $0.68.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group raised their price objective on Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $2.70.

Tilray Trading Down 4.4 %

The company has a current ratio of 2.54, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The company has a 50 day moving average of $0.95 and a 200 day moving average of $1.32. The firm has a market cap of $605.73 million, a price-to-earnings ratio of -2.15 and a beta of 2.13.

Tilray (NASDAQ:TLRY) last issued its quarterly earnings results on Friday, January 10th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.07). Tilray had a negative return on equity of 4.40% and a negative net margin of 30.95%. The business had revenue of $210.90 million for the quarter, compared to the consensus estimate of $216.34 million. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. As a group, research analysts anticipate that Tilray Inc will post -0.2 EPS for the current year.

Hedge Funds Weigh In On Tilray

A number of large investors have recently modified their holdings of the business. Apollon Wealth Management LLC acquired a new stake in shares of Tilray in the 3rd quarter valued at approximately $63,000. CIBC Asset Management Inc lifted its position in Tilray by 4.2% during the third quarter. CIBC Asset Management Inc now owns 908,098 shares of the company’s stock worth $1,599,000 after acquiring an additional 36,799 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Tilray by 2.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,487,500 shares of the company’s stock worth $2,617,000 after acquiring an additional 37,300 shares during the period. Estate Counselors LLC grew its position in shares of Tilray by 40.0% in the third quarter. Estate Counselors LLC now owns 70,000 shares of the company’s stock valued at $123,000 after purchasing an additional 20,000 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in shares of Tilray by 0.3% during the third quarter. Bank of Montreal Can now owns 2,176,506 shares of the company’s stock worth $3,787,000 after purchasing an additional 7,406 shares during the period. 9.35% of the stock is currently owned by institutional investors and hedge funds.

About Tilray

Tilray, Inc engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc is headquartered in Canada.